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Nigeria’s Ikeja City Mall sold to South African property companies

By Ortneil Kutama 2015-11-17 10:26:00
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Ikeja City Mall in Lagos has been sold for an undisclosed amount to two South African property funds, Hyprop Investments Limited and Attacq Limited. Ikeja City Mall in Lagos has been sold for an undisclosed amount to two South African property funds, Hyprop Investments Limited and Attacq Limited.

Ikeja City Mall in Lagos has been sold for an undisclosed amount to two South African property funds, Hyprop Investments Limited and Attacq Limited.

The previous owners, Actis, RMB Westport and Paragon Holdings on Tuesday confirmed the sale.

SA Real Estate Investment Trust, Hyprop acquired a 75% interest in Ikeja City Mall and the JSE-listed real estate capital growth fund, Attacq has acquired the remaining 25%.

Actis has now sold its 60% majority stake, while Paragon Holdings and RMB Westport have both sold their 20% stakes in the mall. 

Ikeja City Mall comprises more than 22,000m² and has a tenant mix anchored by Shoprite. The mall offers South African brands, including Mr Price, Spur, MTN and Markham, as well as international brands, such as Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, iStore, KFC and Max Fashion.

The Mall is Hyprop’s first investment in Nigeria. Hyprop CEO Pieter Prinsloo said Hyprop was well placed to capitalise on opportunities across sub-Saharan Africa.

David Morley, Head of Real Estate at Actis, commented: “This sale reflects the strong retail opportunity in West Africa and the interest of quality institutional investors in sub-Saharan real estate assets.”
 
“Private consumption is increasingly emerging as one of the key drivers of growth in African economies, and foreign direct investment remains strong,” says Michael O'Malley, Director of RMB Westport.
 
Attacq CEO Morné Wilken said the strategic investment in Ikeja City Mall formed part of Attacq’s larger African investment strategy. It is also Attacq’s first investment in Nigeria.
 
Frank Obi, Group Executive Director of Paragon Holdings commented “We are pleased to have been a part of this landmark project from its inception to the present. We look forward to working with quality foreign investors to develop outstanding real estate projects in the years ahead.”

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